Archive

OCC Publishes Essential CRA Information

On June 5, 2020, the Office of the Comptroller of the Currency (OCC) published a final rule revising its Community Reinvestment Act (CRA) regulation. The revised rule, which applies to national banks, federal savings associations, and federal branches of foreign banking organizations that are subject to the OCC’s regulations under CRA, was effective on October 1, 2020. Since June, the industry has been waiting for additional information essential for implementing the final rule. On January […]

Read More…

OCC FINALIZES FAIR ACCESS RULE

On January 14, 2021, Brian Brooks, Comptroller of the Currency, issued a final rule establishing standards that a bank must follow in fulfilling its obligation to provide fair access to financial services.  The final rule is effective on April 1, 2021. The final rule applies to banks with $100 billion or more in total assets. The OCC interprets “fair access to financial services” to recognize its broad responsibility to ensure that banks make decisions about […]

Read More…

TEMPORARY ASSET THRESHOLDS

On December 2, 2020 the Office of the Comptroller of the Currency, the Federal Reserve Board of Governors, and the Federal Deposit Insurance Corporation (collectively the Agencies) published an interim final regulation (IFR) to mitigate temporary transition costs on banking organizations related to the coronavirus disease 2019 (COVID event), by issuing an interim final rule to permit national banks, savings associations, state banks, bank holding companies, savings and loan holding companies, and U.S. branches and […]

Read More…

INTERAGENCY STATEMENT – CEASE ORIGINATION OF LIBOR-BASED CONTRACTS

On November 30, 2020, the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation (collectively, the agencies) issued a statement to encourage banks to cease entering into new contracts that use USD LIBOR as a reference rate as soon as practicable and in any event by December 31, 2021, in order to facilitate an orderly—and safe and sound— LIBOR transition. […]

Read More…

UNUSUAL OCC FAIR ACCESS PROPOSAL ON FAST TRACK

On November 20, 2020, the Office of the Comptroller of the Currency (OCC) issued a Notice of Proposed Rulemaking (NPRM) that ensures that larger national banks and Federal savings associations offer and provide fair access to financial services. This is a most unusual proposal What The NPRM: Is a response to campaigns by political advocates who seek to achieve policy objectives by pressuring banks to stop providing financial services to customers (engaged in a lawful […]

Read More…